So the flood risk is traditionally thought to be “uninsurable” given the widespread nature and scope of the losses incurred. therefore the feds stepped in with NFIP. So what actuary would stand behind rates that fit the “risk”?? And what homeowner would actually be able to pay those rates? The program was supposed to provide some help to insure a risk insurance companies could not rate properly given its scope.
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So the flood risk is traditionally thought to be “uninsurable” given the widespread nature and scope of the losses incurred. therefore the feds stepped in with NFIP. So what actuary would stand behind rates that fit the “risk”?? And what homeowner would actually be able to pay those rates? The program was supposed to provide some help to insure a risk insurance companies could not rate properly given its scope.
Something smells bad here.